With advancements in technology it has increased the accuracy and efficiency way accountants do their everyday tasks. The advancements also bring an increase to the education in the accounting profession in order to stay competitive with today’s fast pace society they must become more technologically incline. Technological tools work to promote efficiency in the transferring of data between corporations and their different divisions, offices, customers, and even their accounting firms. Communications technology utilizes a combination of technologies to transmit data in a variety of forms to each of these recipients.
This particular form of technology is of considerable importance for large accounting firms, because its enhanced communications capabilities allow for easier expansion into the worldwide market. This global aspect of technology is necessary for accounting firms to maintain their international competitiveness Ronald of Accountancy, 1996). Information system are changing many aspects of business especially in accounting . (IIS)- counting information system affect various aspects of the profession including financial/managerial accounting, auditing and taxation.
Pad’s, cell phones, web conferencing, internet, and many other technological advances within the last few decades has allowed people from all professions to stay connected to clients, associates, and others in the fast paced world around them. Information system have opened up new ways of doing business. In today’s organization This technology has allowed for accounting professionals to work on clients information around the world n travel or from the comfort of their living room at home.
Technology has sped up the process of getting the needed information that a client needs to make their informed decisions. Web conferencing, similar to phone conferencing allows users on both sides to see presentations of what the host is displaying. Microsoft, Oracle for accounting has greatly reduced the time taken to prepare the financial statements and benefited auditors and accountants to complete and submit their statements in timely manner. MIS reporting has been made possible by Information systems only to take timely decisions.
A new payroll management system from companies like Paycheck has greatly improved payroll accounting and is a plus for accountants handling large payrolls. The new system allows accountants to collaborate and merge their work with accountants of the same company located at different location. Another type of software design is the tax return preparation software such as Turbot. No longer does an individual have to take a box of receipts to the Cap’s office and wait days or weeks to have their return processed hen they can do it themselves in a matter of hours.
We have seen that technology is an asset to all businesses because of the enhanced communications skills it has provided. Technology has provided many tools that increase efficiency in any business, including accounting. Examples of these technological tools include computer-integrated manufacturing, image processing, the Internet, and expert systems Ronald of Accountancy, 1996). This enhanced efficiency within businesses allows accounting information to become dynamic, fleeting the current state (Journal of Accountancy, Bibb).
This helps to fulfill management accountants’ objective of providing the most accurate and timely information. Overall, technology has caused change in the accounting profession. Hiring trends, education needs, and the rise of the consulting side of accounting are just some of the impacts that technology has had on the accounting profession. These cannot necessarily be labeled as benefits or disadvantages. It is clear, however, that these impacts, as well as the advantages and disadvantages, are arcing a change in the accounting profession.